Stocks Opened Lower With Eyes on Greece

U.S. stocks started lower Tuesday as Greece tried to reach consensus on budget cuts needed for further rescue funds. The Dow Jones Industrial lately fell 59.79 points to 12,785.34. The S&P 500 dropped 6.85 points to 1,337.48. The Nasdaq Composite declined 11.84 points to 2,890.15.

The Securities and Exchange Commission (SEC) will unveil proposals aimed at stabilizing money-market funds in the event of another financial panic, the Wall Street Journal reported on Tuesday.

President Barack Obama’s campaign is returning about $200,000 in contributions collected by family members of a Mexican casino owner who fled the U.S. after facing drug and fraud charges. The Obama campaign said Monday it had decided to return the donations arranged by Chicago brothers Carlos Cardona and Alberto Rojas Cardona, who had begun raising money for the campaign and the Democratic National Committee last year.

Swiss bank UBS predicted further weakness in investment banking after a restructuring of the business failed to prevent an earnings hit from the euro zone debt crisis and worries about the global economy.

BP PLC has raised its quarterly dividend by 14 percent after posting double-digit gains in profit and revenue in the last three months of 2011 despite further big payments to compensate for the disastrous oil spill in the Gulf of Mexico.

About the Author

has written 14659 stories on this site.

Copyright © 2012 Nine Stocks